Property Trust Wills

For the majority of individuals, their most valuable asset is their property and naturally, they want to ensure its protection. When it comes to property ownership, there are two distinct methods:

1. Joint Tenants: In this scenario, should one party pass away, their share automatically transfers to the surviving joint owner, irrespective of their will. The surviving joint owner acquires full ownership rights and retains the authority to manage or transfer the property as they see fit during their lifetime or on their death.
2. Tenants in Common: Each party has a separate share of the property, which they can leave in their will to whoever they wish, regardless of whether they die first or second.

Protection Against Care Expenses

Many people have concerns about what might transpire if they have to move into a care facility, dreading the possibility of losing their home and hard-earned savings to cover the cost of care.

Often, when couples make a will that passes on their entire estate to each other upon the first one’s passing, the surviving spouse becomes the sole owner of everything. However, if that surviving spouse later requires care in a facility, all assets, including those inherited from the deceased partner, can be factored into the equation when determining care expenses.

Second Relationships

It’s a common practice for couples to create wills that leave their estate to each other upon the first one’s passing, with the intention of passing assets to their children or other family members upon the second death. However, there may be a better approach for couples in second relationships, especially if they have children from previous relationships.

However, when a couple makes wills that leave assets to each other upon the first death, the surviving partner gains complete control of the combined assets. The issue is that the survivor can modify their will at any time, potentially excluding the beneficiaries chosen by the first party.

Additionally, if the survivor decides to remarry, their will is automatically revoked, jeopardising the inheritance of the first to die’s chosen beneficiaries.

Asset protection trust wills ensures that your chosen beneficiaries receive your assets, regardless of which partner passes away first.

Asset protection is a very specialised area of law and it is essential that you take professional advice to ensure your wishes are met.

The options that best suit your needs will depend on what your assets are, your circumstances, who you wish to benefit and what worries you have. Here at Taylor Bracewell our expert team of trusts, wills, and probate solicitors can guide you through all the different options which would suit your needs and advise you of all the advantages and disadvantages accordingly. We believe in providing you with all the information to enable you to make an informed decision.

For more information, explore our links provided below, download one of our helpful guides, or get in touch with our Probate Solicitors in Sheffield and Doncaster.

Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.

Our expert team of solicitors can offer you legal advice on the following: